Retirement Tip

From ING Newsletter 04/07

The average American over the age of 50 has saved only 12% of what most experts believe will be needed to meet basic living expenses during retirement.
Rule of thumb:
You’ll need about 70% of your pre-retirement income (lower earners, 90% or more) to maintain your standard of living when you stop working. It’s never too late to start pumping money into your nest egg.

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#1
Seventy-percent is the general advice, but the value only takes into account regular expenses such as food, electricity, cable tv, etc. As we get older, the one aspect we'll be most concerned about is our overall health. And as we all know, healthcare isn't getting any cheaper. As a result, if you're going to plan for retirement, factor-in these costs and consider upping the percentage from 70% to, say, 95%. Heck, just go for full 100% in today's dollars. You'll be in for a shock; but I'd rather be shocked now than later when I can't do anything about it.